FastPay has recently announced the fresh funding of $15 million that it has got from Oak HC/FT. This valuation is over and above the equity funding that it has received. The fresh flow of funds has brought the total quantity funding of FastPay close to $19 million.
It is interesting to note that a good chunk of money of firm’s financing has come in the form of debt, which is ideal in this situation considering that FastPay model.
FastPay is one of fastest growing platform that provides liquidity as well as financials workflow solutions across media industry. Using the sophisticated technology platform of this service, the creditworthiness of the media businesses can be assessed dynamically and loans can be sought real time.
Ever since its inception, FastPay has been able to generate $500 million in loans to thousands of DSPs, networks, publishers, app developers and exchanges.Its technology integration makes it different from any traditional finance firm.
Typically, FastPay lends up to $5 million to each borrower depending upon the credit history. Another good thing about this service is that the proprietary algorithms asses the risk and credit worthiness of the applicants in just a matter of few hours rather than weeks.